Inefficiency of Strategy-Proof Rules for Pure Exchange Economies

@article{Serizawa2002InefficiencyOS,
  title={Inefficiency of Strategy-Proof Rules for Pure Exchange Economies},
  author={Shigehiro Serizawa},
  journal={J. Economic Theory},
  year={2002},
  volume={106},
  pages={219-241}
}
Abstract In his pioneering article, (in “Decision and Organization” (C. B. McGuire and R. Radner, Eds.), pp. 297–336, North-Holland, Amsterdam, 1972) Hurwicz establishes that there is no strategy-proof, Pareto-efficient, and individually rational rule for pure exchange economies with two agents and two goods, provided that the domain includes a sufficiently wide class of classical preferences . In this article, we extend his result to pure exchange economies with any finite number of agents and… CONTINUE READING

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